Reports that Saudi Aramco has set its sights on Tokyo for an IPO are highly questionable, given Japan’s relative isolation as a financial center. That’s according to IPO EdgeEditor-in-Chief John Jannarone, who spoke about the subject with Cheddar TV. Jannarone explained that while Tokyo has a decent number of listings, it tends to attract domestic companies rather than multinationals. In the last decade, Tokyo has drawn about $100 billion in new listings, a fraction of the amount that’s gone to Hong Kong, according to Dealogic.

He also explained that the sheer size of the IPO could drive Aramco to list on multiple exchanges. The likes of Uber and Lyft have struggled in 2019 in part due to the large amount of shares sold in their offerings.